- Bybit Exchange is extending support to the Artificial SuperIntelligence (ASI) alliance, which may pave the way for a price rebound for FET.
- This move comes following Coinbase’s recent announcement to withdraw its backing for the ASI merger.
- Bybit’s support has the potential to significantly impact FET’s market value positively.
An in-depth look at Bybit’s strategic support for the ASI Alliance and its potential market implications.
Bybit Throws Its Weight Behind ASI Alliance
Bybit Exchange has pledged its support for the merger of Fetch.ai, Ocean Protocol, and SingularityNET, leading to the formation of the Artificial SuperIntelligence (ASI) Alliance. This announcement marks a pivotal moment for the crypto community, given the earlier rejection from Coinbase that left many market participants in uncertainty.
Fetch.ai’s Positive Reaction
Reacting to the news, Fetch.ai took to social media platform X to express enthusiasm about Bybit’s backing, calling it a significant step forward. This support follows Bybit’s extensive internal restructuring activities, suggesting that aligning with the ASI Alliance may be a strategic move to enhance its position and relevance in the crypto market.
In a tweet from Fetch.ai’s official account, the team stated, “We’re happy to announce that @Bybit_Official will support the upcoming $ASI token merge! Thank you, Bybit, for your support in this significant step forward towards #ArtificialSuperIntelligence.”
Implications of Coinbase’s Withdrawal
Just days before Bybit’s announcement, Coinbase made it clear that it would not support the ASI token merger. The American crypto exchange advised its users to manually transition their tokens using standalone wallets. This withdrawal from Coinbase put additional pressure on the ASI projects, necessitating robust support from other major exchanges.
Coinbase announced, “Once the migration starts, users will be able to migrate their OCEAN and FET to ASI using a stand-alone wallet such as Coinbase Wallet. The ASI Token Merger will be compatible with all major software wallets.”
Two-Phased Strategy for ASI Token Merger
The ASI token merger is designed to occur in two distinct phases. The first phase involves integrating existing tokens such as OCEAN and AGIX into FET, setting the stage for a future transition to ASI tokens. During this phase, Fetch.ai has communicated that there will be a temporary network shutdown to facilitate the upgrade, and users’ assets will automatically convert to ASI tokens.
Community Engagement & Deployment
The second phase will focus on community engagement and deploying ASI tokens across multiple chains. Specific priorities include catering to users who self-custody their tokens and deploying ASI tokens through newly introduced migration contracts. This phase aims to ensure a more decentralized approach to token distribution, enhancing security and user control.
In summary, with FET trading at $1.34, the market impact of Bybit’s support for the ASI merger could lead to renewed growth and stability for the token. As the merger progresses through its phases, crypto enthusiasts and investors will be keenly observing its impact on the broader market.
Conclusion
The merger of Fetch.ai, Ocean Protocol, and SingularityNET under the ASI Alliance, backed by Bybit, marks a momentous shift in the crypto landscape. While Coinbase’s withdrawal posed initial challenges, Bybit’s support may provide the much-needed momentum for FET to recover and thrive. This two-phased approach promises technological and community-focused advancements, offering a robust framework for future developments in artificial superintelligence within the crypto world.
